Increase in credit deployment to MSME sector in North Karnataka by KVG Bank

Increase in credit deployment to MSME sector in North Karnataka by KVG Bank

Bangalore, May 9 (KNN)Showing signs of improved credit deployment in the MSME sector in the region, Karnataka Vikas Grameena Bank (KVG Bank), a regional rural bank sponsored by the Syndicate Bank, has registered 52.61 per cent growth in credit disbursement to the sector.

At the end of financial year 2013-14, the bank has disbursed Rs 617.61 crore as against Rs 404.69 crore the previous year.

Chairman of KVGB, Ashok Reddy said that the bank is planning to improve upon last year’s achievement.

Reddy also said that the bank wants to be an important player in the growth story of the region, especially in North Karnataka. He also pointed out that the bank is already working on development initiatives for the benefit of MSMEs.

He said the bank will not refuse credit to viable and transparent enterprises and will also take steps to provide necessary training.

The other officials from the bank, who were present there said that there is huge reluctance and low awareness amongst the MSMEs to take advantage of the schemes available for them.